Section 433
Qualification of liquidator
(a)
he is not an approved liquidator;
(b)
he is indebted to the company or to a corporation that is deemed to be related to the company by virtue of section 7 in an amount exceeding twenty-five thousand ringgit;
(c)
he is an officer of the company;
(d)
he is a partner, employer or employee of an officer of the company;
(e)
he is a partner or employee of an employee of an officer of the company;
(f)
he assigns his estate for the benefit of his creditors or has made an arrangement with his creditors under any law relating to bankruptcy;
(g)
if he becomes bankrupt; or
(h)
if he is convicted of an offence involving fraud or dishonesty punishable on conviction by imprisonment for three months or more.
(2)
Paragraphs (1)(a), (c), (d) and (e) shall not apply to—
(a)
a members’ voluntary winding up; or
(b)
a creditors’ voluntary winding up if, by a resolution carried by a majority of the creditors in number and value present in person or by proxy and voting at a meeting of which seven days’ notice has been given to every creditor stating the object of the meeting, it is determined that
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paragraphs (1)(a), (c), (d) and (e) or either of that paragraph shall not apply.
(3)
For the purposes of paragraph (1)(a), any person who is a member of a recognized professional body may apply to the Minister charged with the responsibility for finance to be approved as a liquidator for the purposes of this Act.
(4)
The Minister charged with the responsibility for finance may approve such person as a liquidator if he is satisfied with experience and capacity of the person and upon payment of the prescribed fee by such person.
(4A)
Any approval granted by the Minister under subsection (4) may be made subject to such limitations or conditions as he thinks fit and may be revoked at any time by the Minister by the service of a notice of revocation on the approved person.
(4B)
Every approval under this section including the renewal of approval of a liquidator shall be in force for a period of two years after the date of issue unless sooner revoked by the Minister charged with the responsibility for finance.
(4C)
The Minister charged with the responsibility for finance may delegate all or any of his powers under this section to any person or body of persons.
(5)
For the purposes of subsection (3), the Minister may, in consultation with the Minister charged with the responsibility for finance, prescribe a body to be a recognized professional body.
(6)
For the purposes of subsection (1), a person shall be deemed to be an officer of a company if—
(a)
the person is an officer of a corporation that is deemed to be related to the company by virtue of section 7; or
(b)
the person has been an officer or promoter of the company or of such a corporation at any time within the preceding period of twenty-four months.
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(7)
A person shall not be appointed as liquidator of a company unless he has consented in writing prior to the appointment to act as such liquidator.
(8)
Nothing in this section shall affect any appointment of a liquidator made before the commencement of this Act.